NEW PAYM SYSTEM FROM PAYMENTS COUNCIL SET TO BE HIT WITH OVER 4 MILLION 18-30 YEAR OLDS, RESEARCH REVEALS

May 1, 2014

Research conducted by Intelligent Environments has found that over four million 18-30 year olds are already interested in transferring money via a mobile number. Simon Cadbury, head of strategy and innovation at Intelligent Environments, has made the following comments:

New Paym System From Payments Council Set To Be Hit With Over 4 Million 18-30 Year Olds, Research Reveals

“Paym, the Payments Council’s new system for person to person mobile payments, is going to be a hit with young people. According to our research, over four million 18-30 year olds are already interested in transferring money to friends and family via a mobile number. It’s clear younger consumers continue to embrace any technology that makes managing their finances easier. By integrating into banking apps and leveraging their existing security credentials, this is a major step forward for mobile payments. Combined with only needing to know someone mobile number to make a payment, this is a welcome shift toward easier, more flexible money management and should help banks to attract and retain younger customers.”

About the research

Online survey of 2,000 UK consumers was undertaken by Opinion Matters in April 2014. 36 per cent of 18-30 year olds, equivalent to 4,007,412 people are interested in transferring money to friends and family via a mobile number. Based on population of 11,131,700 18-30 year olds (Source: ONS Population Estimates for UK, England and Wales, Scotland and Northern Ireland – Mid 2012: